Mr. Mark MacDonald reports

UCORE ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT FOR TOTAL GROSS PROCEEDS OF $4.82 MILLION

Ucore Rare Metals Inc. has closed the second and final tranche of its previously announced private placement offering of units of the company, with the second tranche consisting of 413,000 units at a price of $1 per unit for additional gross proceeds of $413,000. Together with the initial tranche of the offering, which closed yesterday with proceeds of $4,409,500, the company has raised an aggregate of $4,822,500 from the offering through the issuance of 4,822,500 units.

The brokered portion of the first tranche was led by Research Capital Corp., as lead agent and sole bookrunner, on behalf of a syndicate of agents that included Canaccord Genuity Corp. and Echelon Wealth Partners Inc. For more information on the offering and the closing of the first tranche, please see the company's press release dated July 27, 2023, which is available under the company's SEDAR profile.

Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $1.25 per common share for a period of 36 months following the date of issuance.

The company plans to use the net proceeds of the offering for the following: (i) completing the commission trials at the company's RapidSX rare earth element (REE) commercial demonstration plant located in Kingston, Ont.; and (ii) working capital purposes.

In addition to the cash advisory fee and advisory fee compensation options described in the aforementioned press release of the company dated July 27, 2023, pursuant to an advisory agreement between the agents and the company, the company has paid the agents an additional advisory fee of $12,390, plus applicable taxes, and the agents have received an additional 12,390 advisory fee compensation options to purchase an equal number of units, subject to adjustment in certain circumstances, at the offering price for a period of 36 months following the date hereof.

The units issued under the second tranche were offered to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions. The units are not subject to resale restrictions pursuant to applicable Canadian securities laws. The advisory compensation options are subject to a statutory four-month hold period pursuant to applicable Canadian securities laws. The offering remains subject to the final approval of the TSX Venture Exchange.

A senior officer of the company purchased a total of 20,000 units for gross proceeds to the company of approximately $20,000 under the second tranche, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Full details of this transaction will be disclosed on the System for Electronic Disclosure by Insiders (SEDI). The offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the offering, nor the consideration paid, exceed 25 per cent of the company's market capitalization. No new insiders and no control persons were created in connection with the closing of the offering. The insider units will be subject to the TSX-V's four-month exchange holder period as defined in Policy 1.1.

The offering was approved by all of the independent directors of the company. The number of common shares potentially issuable to insiders of the company pursuant to the offering (including any common shares issuable upon the exercise of the warrants) represent not more than 10 per cent of the company's currently issued and outstanding common shares on a non-diluted basis.

About Ucore Rare Metals Inc.

Ucore is focused on rare and critical metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. Ucore has an effective 100-per-cent ownership stake in the Bokan-Dotson Ridge REE project in southeastern Alaska, United States. Ucore's vision and plan are to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

We seek Safe Harbor.